Coaching Matters for a Successful Entrepreneur Mindset

Benefits Of Coaching Business Owners

Coaching and mentoring are two different things in the entrepreneurial sphere. Business coaching may be exactly what you need to level up in your industry.

“Coaching” seems like a stigmatized word in the business world. A few decades ago, executive coaches were feared by corporate workers because of the consistent pattern of layoffs or restructuring that occurred shortly after a “coaching” visit. Today, business coaches are an untapped resource for both entrepreneurs and business owners.

What does “Coaching” Mean?
There is a clear difference between coaching and mentoring that should be made. Mentors are there when you kickstart your entrepreneurial journey. They are usually family members, colleagues in your field, or a trusted friend. With their years of experience, mentors focus on providing knowledge and training to an entrepreneur.

In contrast, coaching is an inner journey. Coaches can be thought of as your guide, your inner voice, the one who can help you on your journey to find answers. In business, coaches can act as a mirror or accountability person. Entrepreneur coaches also help you work holistically on your habits as a person versus just looking at your current employment situation.

Why Do Entrepreneurs Need Coaching?
Every entrepreneur has unique strengths and weaknesses. This means that coaching is unique to everyone (but can have some similar benefits for all). These are just a few ways that business owners can benefit from the right coaching.

  • Sharpen focus and gain perspective on high-level priorities
  • Add self-awareness for a competitive edge
  • Discover weaknesses and prepare for potential blindside situations
  • Ask the right questions to increase wealth abundance
  • Invest in your entrepreneurial spirit
  • Prevent burnout by recognizing unhealthy habits
  • Strengthen relationships and adjust your mindset as a leader
  • Find accountability from an outside source
  • Create a safe and confidential space outside of work to speak your mind

Types of Business Coaches
There are business coaches that specialize in styles of coaching. There are also business coaches that specialize in areas of your life that may need coaching. Here are a few of the most common types of business coaches:

  • Personal coach – assists with work/life balance.
  • Accountability coach – keeps your feet to the fire with deadlines or personal goals like being mindful of physical health.
  • Career coach – can help to map out a career path or with long-term goals
  • Leadership coach – become your best self in your leadership position
  • Entrepreneurial coach – specializes in business owners and entrepreneurs
  • Team coach – brings together a workplace of talented people
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